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barrus-concrete
July 2, 2020

Tracking credit card payments

  • July 2, 2020
  • 1 reply
  • 2 views

We purchase rebar and concrete for customers using out credit card.  The payments to the card auto import from our bank into Quick Books.  How should these be categorized?  Should it be under "Cost of Sales"?  Is there no difference between us buying it with our company banking account vs a personal credit card in the way we categorize it in QB?  

    1 reply

    G
    gayatriluthfias20
    Level 1
    July 7, 2020

    Hi @barrus-concrete  , the differences credit card payment between personal and company banking is personal banking need to entry liabilities journal (it's loan for company) and that is not for company banking. You could see this article . About cost of sales, i think it could be categorized as cost of sales. 

     

    Comment back for any questions. Enjoy your day.

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